Property leaders cautioned estate agents to keep calm while they engage with First National Bank (FNB) to obtain clarity on the situation. Many agents reacted with anger on FNB’s recent announcement of the latest feature on their banking app that enables their customers to sell their homes privately to one another without estate agents.
Mark Coetzee, COO of property portal Private Property, issued the following statement in response to requests from their clients that their listings be removed from the feed to First National Bank (FNB) as a consequence of the latter’s newly launched feature on their banking app enabling FNB customers to sell their homes directly to other customers.
From a real estate perspective, the big news coming out of the Medium-Term Budget Policy Statement (MTBPS) was that R1bn of the R50bn worth of government expenditure that is being reprioritized over the next three years will be directed to housing subsidies that assist more low and medium-income households to access affordable home loans and become home owners.